Implications and Effects of Filing Bankruptcy

Filing bankruptcy is a serious choice, and Denver bankruptcy attorney Jon Clarke can explain what you can expect when filing for bankruptcy.

What You Can Expect When Filing Bankruptcy

Filing bankruptcy is a serious choice that should not be taken lightly. While there are definite benefits in relieving your debt, these benefits do not come out without some consequences, such as a negative effect on your credit. Considering all the effects of filing bankruptcy is important in order to be certain it is the right option for you.

Some of the positive effects of filing bankruptcy include:

Clear some debts so that you are able to afford payments on important assets, such as your house and car

Clear personally-guaranteed business debts, allowing you to keep your business open

Discharge of unsecured debts

Fresh financial start

Sense of financial freedom

Some things you need to consider when filing bankruptcy include:

Bankruptcy will affect your credit. It can stay on your credit report for up to 10 years.

You may have difficulty getting loans. If a lender does offer you a loan, it will most likely be at a higher interest rate.

In limited circumstances, filing bankruptcy may affect your job, especially if you work in the financial industry in a capacity requiring bonding.

Bankruptcy may affect your eligibility for a mortgage for several years after the bankruptcy filing.

Colorado bankruptcy attorney Jon B. Clarke has more than 35 years of experience in bankruptcy law. He uses his extensive knowledge and experience to guide clients through filing Chapter 7 and Chapter 11 bankruptcy in even the most complex financial situations. You can be sure you are getting a lawyer who understands the effects of filing bankruptcy, and who can effectively help you decide the best course of action for achieving debt relief.

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Statewide clientele but with emphasis on the Front Range communities of Greenwood Village, Boulder, Aurora, Centennial, Lakewood,
Englewood, Avada, Westminster, Broomfield, Thornton, Golden, Littleton, Castle Rock, Monument, Colorado Springs, Highlands Ranch, Aurora, Parker, Centennial and Pueblo as well as other cities throughout Arapahoe County, Boulder County, Douglas County, City & County of Denver, Elbert County and Jefferson County.

Material presented on the Jon B. Clarke website is intended for information purposes only. It is not intended as professional advice and should not be construed as such. The material presented on this site is included with the understanding and agreement that Jon B. Clarke is not engaged in rendering legal or other professional services by posting said material. The services of a competent professional should be sought if legal or other specific expert assistance is required.